Lu Jianqiang, chairman of Caitong Securities Co.Ltd(601108) was nominated as the new leader of China Zheshang Bank Co.Ltd(601916) . Previously, the rumor that China Zheshang Bank Co.Ltd(601916) will change the chairman has been circulating in the market for a long time. More than half a year later, the successor candidate was finally settled.
On January 11, China Zheshang Bank Co.Ltd(601916) announced that according to the decision of the CPC Zhejiang Provincial Committee, Lu Jianqiang was appointed member and Secretary of the China Zheshang Bank Co.Ltd(601916) Party committee. According to the decision of the Party group of Zhejiang Provincial People’s government, Lu Jianqiang was nominated as China Zheshang Bank Co.Ltd(601916) director and chairman.
On the same day, Caitong Securities Co.Ltd(601108) announced that it had received the resignation report submitted by director and Chairman Lu Jianqiang. Lu Jianqiang applied to resign as a director, member of the strategy committee of the board of directors and chairman of the board of directors due to organizational transfer.
“It is normal personnel exchange and replacement and will not have a significant impact on China Zheshang Bank Co.Ltd(601916) operation”. In addition to the provincial personnel change, Zhejiang Provincial Commission has further adjusted the personnel of other securities companies, which is mainly responsible for the “6016} personnel change” of Zhejiang Province.
According to public information, Lu Jianqiang, 57, is a master of philosophy. He worked in Zhejiang Administration for Industry and Commerce for a long time. Later, he served as deputy director and member of the Party group of the general office of Zhejiang Provincial People’s government, Deputy Secretary General of Zhejiang Provincial People’s government and member of the Party group of the general office.
Shen Renkang, the former chairman of China Zheshang Bank Co.Ltd(601916) is 59 years old. Within seven years of serving as the chairman, China Zheshang Bank Co.Ltd(601916) has completed the listing layout of a + H shares, and the asset scale has exceeded 2 trillion yuan.
Lu Jianqiang intends to be the first leader of China Zheshang Bank Co.Ltd(601916)
“(Lu Jianqiang) went to Beijing for a talk on January 11 and should take office on January 12.” The Chinese reporter of the securities firm learned from the insider that China Zheshang Bank Co.Ltd(601916) internal temporary notice held a meeting on January 11 to announce the change of the chairman – Shen Renkang, Secretary of the Party committee and chairman of the board of directors, stepped down, and Lu Jianqiang, Secretary of the Party committee and chairman of the board of directors of Caitong Securities Co.Ltd(601108) will become the successor.
This news was confirmed on the 11th. According to the announcement of China Zheshang Bank Co.Ltd(601916) , Lu Jianqiang was appointed as a member and Secretary of the China Zheshang Bank Co.Ltd(601916) Party committee, and Shen Renkang was removed from the post of secretary and member of the China Zheshang Bank Co.Ltd(601916) Party committee.
in addition to China Zheshang Bank Co.Ltd(601916) , other state-owned enterprises released the change of main principals on the same day.
“The above adjustments coincide with the transition of Zhejiang Province,” a person from a local state-owned enterprise in Zhejiang told a Chinese reporter of a securities firm. “Zhejiang provincial enterprises respond to the call and further strengthen the work of rejuvenating cadres. If the main principals of relevant enterprises do not meet the age requirements, they will leave their posts.”
As the only provincial securities firm in Zhejiang, Caitong Securities Co.Ltd(601108) and China Zheshang Bank Co.Ltd(601916) have the largest shareholder in common – Zhejiang Financial Holding Co., Ltd. (hereinafter referred to as Zhejiang Financial Holding), which is wholly owned by the Department of finance of Zhejiang Province. As of June 2021, Zhejiang Financial Holding Caitong Securities Co.Ltd(601108) , with a shareholding ratio of 29.03%, and holds China Zheshang Bank Co.Ltd(601916) 12.49%. This also laid the foundation for the management mobility of the two financial institutions.
(on December 31, 2021, Caitong Securities Co.Ltd(601108) signed a strategic cooperation agreement with Zhejiang Baorong Technology Co., Ltd., and Lu Jianqiang spoke at the meeting)
According to the resume, Lu Jianqiang was born in April 1965 and is 57 years old with a master of philosophy. In June 2018, Lu Jianqiang served as the chairman of Caitong Securities Co.Ltd(601108) for nearly four years.
In his early years, Lu Jianqiang worked in Zhejiang industry and commerce system for a long time. He has successively served as deputy director of the office of Zhejiang Administration for Industry and commerce, director of the industrial and Commercial Information Management Office of Zhejiang Administration for Industry and commerce, director of the office of Zhejiang Administration for Industry and commerce, member of the Party committee and director of the office of Zhejiang Administration for Industry and commerce. He once served as deputy director and member of the Party group of the general office of Zhejiang Provincial People’s government, Deputy Secretary General of Zhejiang Provincial People’s government and member of the Party group of the general office.
Although Lu Jianqiang has been in charge of Caitong Securities Co.Ltd(601108) for less than 4 years, this is the fastest developing period since Caitong Securities Co.Ltd(601108) was listed in 2017. From the perspective of capital operation, Caitong Securities Co.Ltd(601108) first completed the issuance and financing of 3.8 billion yuan of convertible bonds in December 2020, and then issued the issuance plan of 8 billion yuan of share allotment in April 2021. At present, the project has been reviewed and approved by the CSRC in December 2021.
In terms of performance, the third quarterly report of 2021 shows that in the first three quarters of 2021, Caitong Securities Co.Ltd(601108) operating revenue was 4.608 billion yuan, almost the same as 4.653 billion yuan in the same period last year; The net profit was 1.594 billion yuan, a slight increase of 5.3% year-on-year. At the same time, the total asset scale of Caitong Securities Co.Ltd(601108) is also growing rapidly, from 59.621 billion yuan at the end of June 2018 to 97.510 billion yuan at the end of June 2021.
It is reported that since 2019, Caitong Securities Co.Ltd(601108) on the one hand, it has specially established the asset and wealth management committee to create the “CAITONG winner” brand; On the other hand, we will empower wealth management with digital technology, actively cooperate with Alibaba, ant group, Hundsun Technologies Inc(600570) and other in-depth cooperation, and build a new ecology of digital intelligence wealth.
Lu Jianqiang also said at the unveiling of the Shanghai headquarters in 2020, “we hope to rely on the high-end resources, talent advantages and innovative ecology of the Shanghai international financial center, borrow a boat to go to sea, build a wealth management center with the Shanghai headquarters, improve the wealth management ability of the whole CAITONG, and truly enter the broad blue ocean of wealth management.”
after 7 years of hard work, what “account book” did the old leader leave?
China Zheshang Bank Co.Ltd(601916) is one of the 12 national joint-stock commercial banks. It is also a Post-00 bank established after 2000. It is rooted in Zhejiang, serves “Zhejiang Merchants” and radiates throughout the country. Before Lu Jianqiang, China Zheshang Bank Co.Ltd(601916) party secretary and chairman was Shen Renkang.
Shen Renkang had rich experience in government affairs when he was transferred to China Zheshang Bank Co.Ltd(601916) .
According to public information, he was a member of the Standing Committee and deputy county head of Qingtian County Party committee, deputy secretary of the county Party committee, acting county head and county head of Zhejiang Province; Vice mayor of Lishui City, Zhejiang Province, vice mayor, Secretary of the Party Working Committee of the Management Committee of Lishui Economic Development Zone, member of the Standing Committee and vice mayor of the municipal Party committee, Secretary of the Party Working Committee of the Management Committee of Lishui Economic Development Zone, member of the Standing Committee and vice mayor of the municipal Party committee, deputy secretary of the municipal Party committee and Secretary of the political and Legal Committee of the municipal Party committee; Deputy Secretary of Quzhou municipal Party committee, acting mayor and mayor of Zhejiang Province.
In July 2014, Shen Renkang served as the Secretary and chairman of the China Zheshang Bank Co.Ltd(601916) Party committee after serving as mayor of Quzhou for 20 months. 2014 is the tenth anniversary of China Zheshang Bank Co.Ltd(601916) and the first year of Shen Renkang’s transition to the financial industry. China Zheshang Bank Co.Ltd(601916) put forward the general goal of “two most” in that year, that is, to become the most important financial platform in Zhejiang Province in Zhejiang base camp; Looking at the whole country, we should become the most competitive national joint-stock commercial bank.
During his seven years in office, China Zheshang Bank Co.Ltd(601916) successively completed the listing of H and a, and the balance of asset scale quadrupled from more than 500 billion yuan to 2 trillion yuan.
From 2016 to 2018, China Zheshang Bank Co.Ltd(601916) total assets increased rapidly, and the ending balance reached 1.3 trillion yuan, 1.5 trillion yuan and 1.6 trillion yuan respectively; On November 26, 2019, China Zheshang Bank Co.Ltd(601916) successfully struck the gong on the Shanghai Stock Exchange and landed a shares. After landing on the Hong Kong Stock Exchange in 2016, the bank completed the construction of “a + H” share dual capital platform, which is also a national joint-stock commercial bank after 9 years.
At the end of 2019, China Zheshang Bank Co.Ltd(601916) total assets also reached 1.80 trillion yuan, with an operating revenue of 46.364 billion yuan, a year-on-year increase of 19.06%; The net profit attributable to bank shareholders was RMB 12.925 billion, a year-on-year increase of 12.48%, the highest growth rate of annual report performance in recent three years.
In a recent interview, I talked about the current and future macroeconomic and financial trends. How should commercial banks face these opportunities and challenges? Shen Renkang believes that, on the whole, the pressure on the development of the banking industry is increasing in the future. There are many private enterprises in Zhejiang, and the private economy is developed, but some of them also have transformation pressure, which requires the support of commercial banks. Combined with their own resource endowment, China Zheshang Bank Co.Ltd(601916) adheres to the original intention of serving the real economy, Zhejiang, Zhejiang merchants, small and micro enterprises and private economy.
“Small businesses have always been our true love and serve real microenterprises.” In his opinion, after long-term persistence, China Zheshang Bank Co.Ltd(601916) continues to find new ways and methods to serve small and micro enterprises and private enterprises, become a conscientious bank, form its own characteristic advantages, and gradually walk out of an intensive, connotative and sustainable development path. China Zheshang Bank Co.Ltd(601916) the proportion of inclusive small and micro loans has ranked first among 18 national banks for consecutive years.
In this process, the bank takes into account the reduction of financing costs and its own steady development. Shen Renkang believes that the two are not a “zero sum game”. The bank adheres to the platform service strategy, is committed to building a comprehensive service platform of “Finance + technology + industry + customers”, and has made a lot of useful exploration in providing financial services around core enterprises, industrial chains and supply chains.
According to the financial report, by the end of 2020, China Zheshang Bank Co.Ltd(601916) platform model had served 62500 customers, with a financing balance of 678.461 billion yuan.
new and old presidents have just handed in their baton for half a year
The Chinese reporter of securities firm noted that the management adjustment of China Zheshang Bank Co.Ltd(601916) has begun as early as 2021.
In June 2021, the Organization Department of Zhejiang provincial Party committee and SASAC announced the candidates for the new leadership of the bank on behalf of the provincial Party committee and the provincial government. Subsequently, China Zheshang Bank Co.Ltd(601916) Zhang Rongsen, former member of the Party committee, vice president and Secretary of the Party committee and President of Beijing Branch, was appointed Deputy Secretary of the Party committee and subsequently served as director and president.
At present, China Zheshang Bank Co.Ltd(601916) has five vice presidents, of which two vice presidents Luo Feng and Jing Feng took office recently in 2021. One common feature of the bank’s leader selection is that it is younger and selected by the original senior management in the bank.
At that time, a person close to China Zheshang Bank Co.Ltd(601916) told reporters about the adjustment of the leading group, “mainly focusing on the overall consideration of the younger management cadre team, more optimized structure and talent echelon training. After the change of office, the overall management team can complement each other’s advantages.”
According to his resume, Zhang Rongsen was a member of the China Zheshang Bank Co.Ltd(601916) Party committee, vice president, Secretary of the Party committee and President of Beijing Branch. He once served as president of Beijing Aerospace Bridge sub branch of Guangdong Development Bank, member of the Party committee and assistant to the president of Beijing Branch of Guangdong Development Bank; Secretary of the Party committee and President of Bank Of Jiangsu Co.Ltd(600919) Beijing Branch, Bank Of Jiangsu Co.Ltd(600919) member of the Party committee, vice president and executive director.
Luo Feng was China Zheshang Bank Co.Ltd(601916) assistant to the president and general manager of the financial market department. He once served as assistant manager in charge of the financial market research center of China Zheshang Bank Co.Ltd(601916) capital department, assistant manager in charge of the business management center, deputy manager in charge and manager in charge of the business management center (Research Center), risk monitoring officer and assistant general manager of the capital department, manager in charge of the risk management center, deputy general manager and deputy general manager of the capital department (presiding over the work).
Jing Feng was the chief financial officer of China Zheshang Bank Co.Ltd(601916) and the general manager of the planning and finance department (asset liability management department). Once served as China Minsheng Banking Corp.Ltd(600016) deputy general manager and general manager of planning and Finance Department of Suzhou Branch; Deputy general manager of China Zheshang Bank Co.Ltd(601916) Jiangsu business department, member of the Party committee and vice president of Nanjing Branch, China Zheshang Bank Co.Ltd(601916) Deputy General Manager (presiding over the work) and general manager of financial accounting department, general manager of financial accounting department and general manager of asset liability management department.
According to the mid-2021 report, China Zheshang Bank Co.Ltd(601916) has 8 senior managers. On July 15, 2021, China Zheshang Bank Co.Ltd(601916) held the first meeting of the sixth board of directors, deliberated and approved the appointment of Zhang Rongsen as president, Chen Haiqiang, Wu Jianwei, Liu long, Luo Feng and Jing Feng as vice presidents, Sheng Hongqing as assistant to the president, Liu long as secretary of the board of directors, Chen Haiqiang as chief risk officer, Jing Feng as chief financial officer and Jiang Rong as chief audit officer.
It is worth noting that the qualifications of Luo Feng and Jing Feng as vice presidents were just approved by the CBRC in December 2021, while the qualifications of Zhang Rongsen’s president and Jiang Rong’s chief auditor were only approved by the CBRC at the end of August and early September 2021.
On January 4, China Zheshang Bank Co.Ltd(601916) announced that “based on the confidence and value recognition of the company’s future development”, executive director and president Zhang Rongsen increased 284100 China Zheshang Bank Co.Ltd(601916) shares with his own funds at the price of 3.52 yuan / share, with an increase of 1 million yuan. After the increase, it held 1022100 China Zheshang Bank Co.Ltd(601916) A shares, accounting for 0.0048% of the total share capital.
By the end of the third quarter of 2021, China Zheshang Bank Co.Ltd(601916) (Group caliber) had achieved an operating revenue of 35.239 billion yuan, a year-on-year increase of 836 million yuan, an increase of 2.43%. The bank realized a net profit attributable to shareholders of RMB 10.144 billion, a year-on-year decrease of RMB 1.095 billion or 9.74%.
In terms of asset quality, as of the end of the third quarter of 2021, the bank’s non-performing loan balance was RMB 16.774 billion, an increase of RMB 2.627 billion or 18.57% over the end of the previous year; The non-performing loan ratio was 1.44%, an increase of 0.07 percentage points over the end of the previous year; The provision coverage rate was 196.22%, a decrease of 24.58 percentage points over the end of the previous year; The loan provision rate was 2.83%, down 0.20 percentage points from the end of the previous year.
In the post epidemic era, based on the positioning of service entities, private enterprises and small and micro enterprises, China Zheshang Bank Co.Ltd(601916) how to improve the net interest margin, improve the level of asset quality management, enhance risk resistance, supplement capital thickening strength, and adapt to the transformation of interbank financial management business under the new regulations of asset management are still questions in front of the new management.
